India's 1st IRDAI Approved Insurance Web Aggregator

LIC Endowment Assurance Policy

  •  views
  •  views
This plan has been withdrawn by the insurance company and is no longer available for sale.
 

LIC Endowment Assurance Policy

 

LIC Endowment Assurance Policy is an endowment policy with high bonus and liquidity facility incorporated. The Sum Assured along with accrued Bonus is payable on the Policy Maturity or on earlier death. This plan provides for disability benefit incorporated within where the future premiums would be waived off along with accidental death benefit rider, critical illness rider and term rider.

Compare Endowment Plans  

 

Key Features of LIC Endowment Assurance Policy

 

  • This plan is a simple endowment plan with guaranteed returns
  • Sum assured + accrued Bonus paid on Maturity or on earlier Death.
  • The lumpsum amount of money received on maturity can be reinvested to buy annuity for old age sustenance
  • This plan offers disability benefit as well where the future premiums would be waived along with payment of Disability Benefit. 
  • Optional higher cover through 3 additional riders
 

COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS

 

Benefits you get from LIC Endowment Assurance Policy

 

Death Benefit – In case of death of the Life Insured, the nominee receives Sum Assured + accrued Bonus. Final Addition Bonus is also payable if premium has been paid for at least 17 years.

 

Maturity Benefit – At the maturity of the policy, the insured will get Sum Assured + accrued Bonus. Final Addition Bonus is also payable if premium has been paid for at least 17 years.

 

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

 

Compare Endowment Plans
 

Eligibility conditions and other restrictions in LIC Endowment Assurance Policy

 

 

Minimum

Maximum

Sum Assured (in Rs.)

50,000

No Limit

Policy Term (in years)

5

55

Premium Payment Term (in years)

5

55

Entry Age of Policyholder

12

65

Age at Maturity

-

75

Single Premium (in Rs.)

NA

NA

Payment modes

Yearly, Half-yearly, Quarterly, Monthly and SSS

 

 

Sample illustration of premium of LIC Endowment Assurance Policy

 

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs 1,00,000and Policy Term = 25 years respectively.

LIC Endowment Assurance Policy Sample premium values

 

Additional Features and Benefits of LIC Endowment Assurance Policy

 

Riders – There are 3 Additional Riders available:

·         Accidental Death Benefit Rider

·         Critical Illness Rider

·         Term Rider

 

What happens if?

 

You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.

 

You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium

 

You want a loan against your policy – Loan facility is available under this policy

 

Compare Endowment Plans

Leave a Comment

Endowment Plan Calculator